How and how much an auctioneer is paid often depends on the type of assets or property he or she is selling. Agreed upon prior to the auction, these commissions and fees are in the auction contract. There are a number of methods on what and how much to charge and it often comes to what is customary and accepted in a region or asset class. A professional auctioneer will always detail all commissions, fees, and expenses upfront, and details those in a written contact.
Of all the lots to come through an auction over the course of history, it must be the city of Rome in AD that surely takes some beating. However the new owner did not live long to enjoy his new-found playthings — emperor Julianus was murdered just nine weeks later. Today, lots are consigned to auction from estates of deceased relatives, downsizers and people wishing to liquidate assets. Consigning your collection to auction is the best way to sell it not least because you will almost always net more money than you would selling another way.
Auction houses earn their money through commission on sales, so it is in their interest to realise the best price.
They do all the work, from valuations and appraisals — their experts give an estimate on values and demand — and they catalogue high-value items in glossy brochures and market to collectors worldwide. So how does the system work? First, find an auction house that holds sales to match the items you have. Some auctioneers will hold a sale at the property, usually a house, where the items are located, while more valuable lots are entered into more specific sales targeting collectors worldwide.
If we feel that a consignment is not a match for our auctions, we can advise clients on other outlets. Most valuations are free of charge; the best way to begin is to take good photographs and email them to an auction house. Make sure they are taken in a well-lit area and show any identifying marks — especially on silver — and include copies of any documentation and measurements.
Too often people throw stuff in skips. When your merchandise sells, the auction house generally retains a percentage of the proceeds and you get the rest of the money.
You can make money by selling your own unwanted goods or by searching thrift stores, garage sales and flea markets and buying low-priced yet valuable goods you can send to auction. If you have a knack for fixing or repurposing old or broken goods, buy merchandise cheaply, clean it up, then resell it in auction or another venue.
For example, you might buy an old piece of rough-looking furniture, refinish it and sell it in a local furniture boutique for a substantial sum. Specialize in a particular product, like Victorian-era furniture or hard-to-find auto parts, and develop a reputation for being a go-to seller for niche merchandise you seek out at auctions. The auction process employs many individuals, often on a temporary, part-time or for-hire basis. How do auction houses get paid? Who pays the auction fee? Are auction houses profitable?
How does Christies auction house make money? How do I start my own auction house?
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